Probate Attorney Blog

If you’ve inherited an IRA in the past few years, the rules for how you take money out of it have changed — and the IRS has recently clarified some key points. Understanding these updates can help you avoid costly mistakes and ensure you comply with distribution requirements. The General Rule for Inherited IRAs When you inherit an IRA, your withdrawal obligations depend on the age and Required Minimum Distributions (RMDs) status of the original account holder at the time…

Happy Sunday! I’m reading this book called “Alchemy: the dark art and curious science of creating magic in brands, business, and life”, and one of the overriding concepts of the book is that we often do things for irrational reasons. By irrational I mean they don’t necessarily make sense, even though they are good for us. For example, most people don’t brush their teeth to keep their teeth clean – they want fresh breath. That’s why most people don’t brush…

When it comes to estate tax planning, the idea of making “deathbed gifts” — gifts made shortly before you pass away — can sound extreme. But in Washington state, it can actually be a viable strategy to reduce your taxable estate. How Deathbed Gifts Work in Washington State Washington state estate tax law allows you to give away as much as you want at any time, including right up until the moment of death. Any assets you give away before…

Happy Sunday! I’m out of town winding up a vacation, and wanted to just give a little shout out to America as the 4th of July comes upon us. I hope you all have a safe, happy, fun holiday! Next week we’ll have some more helpful estate planning and probate strategies! Have a great day! Cheers, Christopher Small Founder/CEO CMS Law Firm LLC PS – we love referrals! If you know someone that could use our help, please let them…

Happy Sunday! I thought I’d talk about this as I seem to consistently get people checking in on us after talking to their CPA and or financial planner and being told you should not name your trust as the beneficiary on your retirement account because it messes everything up. Before I get to the rules, though, I want to make one thing clear – we WANT your questions! And, we want you to talk to and listen to the professionals…

Happy Father’s Day to all you dads out there! Hope you’re having a great day and getting to do whatever you want on your day. And, because I’m an estate planning attorney (and a father, and a son who’s lost a dad), you know I have to take this a little dark… :) When I woke up this morning I was thinking about all the dad things one thinks about. And one of the things that came up was the…

Attention Washington residents: Did you know our state has its own estate tax that kicks in at just $3 million? That threshold includes the value of real estate and life insurance payouts—even if your family never actually sees that cash. And the tax rate? It can climb as high as 35%. We’ve seen families pay hundreds of thousands in Washington estate taxes without ever realizing they were on the hook. How the Washington Estate Tax Works Exemption threshold: $3 million…